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Although we are only minutes away from learning what course of action Apple will take in addressing and, hopefully, repairing the iPhone 4 reception issues that have plagued the device since its release late last month, there are mixed expectations among many Wall Street analysts and industry observers regarding what specific steps the company will take to finally put this corporate and consumer nightmare to rest.

Not only are analysts confounded by what Apple can or should do, there are reports that executives at the company wrestled with the exact course of action and careful wording of the announcement through late Thursday. As a result of this after-hours deliberation (perhaps a process that will continue right until the press conference actually begins), the Wall Street Journal is quoting one analyst who sees a “higher probability” than ever of a voluntary recall or in-store repair of the phone.

An across the board recall of the iPhone 4 is no longer on the "highly anticipated" list of most analysts. RBC Capital Markets analyst Mike Abramsky says Apple will use the media today to not only address the current model's antenna flaws but also to acknowledge design improvements that will eliminate the problem for those purchasing the handset from this point forward. In other words, expect the looming spotlight consumption to be as self-serving for Apple as possible.

Gleacher & Company analyst Brian Marshall has much simpler expectations from Apple. Marshall predicts that Apple will bluntly apologize for the frustrations born of the glitch, mitigate the severity of the problem, and roll out a free bumper program (via Apple gift card) to iPhone 4 customers experiencing the "Death Grip."